Etsy Investor Day Presentation Deck

Together these levers have scaled margins 11.3% 2015 ADJUSTED EBITDA MARGIN (%) 15.7% 2016 *Reconciliation of non-GAAP financial measures is contained in the appendix *Non-GAAP Adjusted EBITDA margin is defined as non-GAAP Adjusted EBITDA divided by revenue 18.1% 2017 23.1% 2018 Etsy

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